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Abu Dhabi Commercial BankThe UAE’s third-largest lender by assets may spin off its wholly-owned property management services subsidiary, Abu Dhabi Commercial Properties (ADCP).
The lender said in a statement on Tuesday that it had discussed a potential sale. archive to the Abu Dhabi Stock Exchange, where its shares are traded.
“In line with Abu Dhabi Commercial Bank’s strategy to focus on core business growth, the bank is evaluating divestiture opportunities [from] ADCP,” ADCB said.
ADCP is one of the largest property management service providers in the UAE, with over 2,000 buildings representing over 57,000 residential and commercial units in the UAE.
Revealing its intention to withdraw from property management services, the bank said: “This process may or may not result in a transaction, and if and when there are significant developments that are consistent with the bank’s commitment to the highest standards, the ADCB will update its market regulatory disclosures.”
ADCB reports 12% annual growth Second quarter net profit, The improving economy in the UAE was mainly driven by rising interest rates and non-interest income.
Net profit climbed to 1.57 billion dirhams ($428 million) in the three months to the end of June.
Net interest income and total income from Islamic financing increased by 11.25% to AED2.57 billion.
Impairment provisions fell 3% annually to AED655 million from AED678 million, as operating expenses rose 22% to AED2.2 billion in the second quarter.
The bank reported first-half net profit of AED3.05 billion, up 20% year-on-year, while net interest income rose 6% to 4.71 billion.
Although interest rate environment Helping the bank boost interest income in the first half of the year, non-interest income rose 10% year-on-year to AED 924 million in the second quarter.
Updated: October 4, 2022 10:47 AM
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